What are the different options for open banking payments and where should you place your bets?

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Worldpay’s Charles Damen talks us through how markets differ in their readiness for open banking payments, how to approach launching open banking payments, and what the key advantages are.

Charles starts by outlining the three drivers of open banking: regulation, technology and competition. He identifies four key elements needed for open banking payments to succeed in a market: high quality bank APIs; seamless user experience; real-time payment schemes; and a clear regulatory framework. He uses these elements to assess different European markets, from leaders like the UK and Germany to markets which still present significant obstacles.

He moves on to look at the key criteria for launching open banking payments –how well this fits with your overall acceptance strategy (and driving consumer adoption), the different open banking payments models, costs, and how to choose the right provider. He highlights key advantages in five different verticals – retail, gaming, government, financial services and travel.

A nice overview for anyone interested in how open banking payments are progressing, the key factors you need to take into account and how a payment services provider can help.

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